The cross hit our .618 Fibo target @ 1.4124 to the upside and has since pulled back. Currently we are at 1.4075 and we expect a pullback to continue to the downside today to the 1.4022 support. If we get lots of legs we will look for the further target ! 1.3979 and the S7 sits @ 1.3954. Still a risk to move to the upside trend wall before this happens and a break of the trend wall targets the 1.4166 ( .786 Fibo).
Turning to the metals patch, it looks as though the price of silver is in the process of forming an important low. Over the past ten days or so, the price of silver has declined below US$34 per ounce on three occasions, but each time, strong buying has come to the market. At the time of writing, silver is trading above US$35 per ounce and we believe that a lengthy base building period has begun. Therefore, this is a good time to add to one's positions in the white metal.